After being bombarded with bad news for months we’ve been digging around to find something more upbeat to chew over.

Rather poignantly given the date (11/11/11) and their fondness for numerology our eyes turn to China. As ever there is a school still plugging the hard landing scenario as local asset (property specifically) bubbles deflate and a weakening export outlook pushes the economy over the edge.

But looking at the data things might not be quite so bad.

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